Research Methodology Assignment I Objective : Presentation and submission of research proposal along with the questionnaire designed and nature and form of expected findings. Submitted byMrunmayee Shambharkar Shalini Dwivedi Table of Contents Page I. Introduction 2 II. Methodology 5 III. Key Findings 8 IV. Analysis and Observations 12 Conclusion 17 Recommendations 18 Limitations and Future Developments 19 Questionnaire 20 Bibliography 27 V. VI. VII. VIII. IX. 1 Introduction To cope with the ever-changing technologies, the markets and consumers are rapidly evolving from traditional, static, demographic-based criteria to more towards dynamic, modern, mood, lifestyle and psycho graphic influences. Fashion trend forecasting resources help predict trends in the fashion industry. Fashion & trend forecasting is the prediction of mood, behavior and buying habits of the consumer at a particular time of season. It is no longer a question of finding your markets or consumers by age, geography or income, but looking into how and what they buy, based on their culture, mood, beliefs, occasion & geographic locations, it is also dependent on the fashion cycle and plays a major role in introductory phase of recurring fashion cycles. With the help of our survey, we tried analysing the different patterns into the buying behaviour of a consumer. We went on deeper to ask questions like what influences them on a daily level that they choose to shop for themselves and when they do, what is it that helps them choose the kind of apparel best suited for them. While observing Fashion trends, we can say the following can be accounted forSeason > Target Market > Consumer > Colors > Fabrics > Silhouette > Texture > Usage In current times, the kind of technological tools available to us can help make sense of whatever data we collect. Many technological forecasting methods have been reported in various forecast related books & mentioned in literature of many countries, and they have been successfully applied widely. As trend forecasting results are mainly influenced by the forecasting method used by the end user, it is of utmost importance to determine the method that will be most appropriate to a business model we adopt. The main factors affecting Fashion trend forecasting are: Seasons: Each season, the design and merchandising departments rely heavily on creating a new line using the valuable data collected by professional agencies. Trend forecasts are based on seasons Spring, Summer, Fall & Winter like we connect certain colors with holiday and seasons. They expect to see earthy tones in fall season, jeweled colors for holidays, the pastels 2 of flowers in early spring, and refreshing white for the summer. All the manufacturers include some of these standard colors in their line or collection planning. Since work on the new line normally begins six months before the selling season, we need to focus on some basic patterns, designs and colours that have been on trend for years and the reason for their wide acceptance. Market Intelligence: In recent years, world growth has slowed and markets have matured or become more protective. It is evident that the only way for many small & big companies to grow is at the expense of their competitors. Large companies in Asia are now turning to market intelligence for input into their strategic management system and decision making. Conventional marketing research is increasingly viewed as being too narrowly focused on tactical and operational issues. The large retail & export companies around the world are now looking up the role of the Internet in market intelligence for inputs into their strategic management system and decision making. It helps them determine their product acceptance in the market; if acceptance is their market, as world renowned designer Karl Lagerfeld remarked, There's no fashion if nobody buys it. Acceptance by a large number of people makes the market important. The marketing intelligence cycle whether its apparel or other business houses typically consists of directing, collecting, compiling, cataloguing, analyzing and form filled up data by consumers therefore making it easier for industry to create products which are market based. With the questions asked in our trend analysis report, we tried to recognise if certain influencers and celebrities helped normalise a particular trend by accepting it before it gets launched into the market, and the behaviour of the people following them after. Consumer Research: Here we ask consumers directly about their buying preferences or can look into their buying habits over a period of time. Consumer reactions are recorded and documented to find preferences for certain garments or accessories, sizes or colors and so on or products to fit specific consumer tastes. Therefore the survey includes questions about life-style, fashion 3 preference, income, and shopping habits. These questions help us obtain information by simply asking customers, what they would like to buy, what styles they prefer that are currently available and what changes in merchandise they want, but cannot find. The industry overall has one purpose, i.e. to provide a desirable and appealing product to satisfy customer needs, demands or aspire to have. When successful, this chain results in a sale, because this chain is the integral part of the entire process. Every forecast begins with the consumer, by observing the consumer's needs to the marketplace and in unexpected ways the consumer adjusts the marketplace to his lifestyle and preferences. Consumer research figures are critical & of utmost importance in decisions about product development, marketing and retailing. 4 Methodology Research Approach: ➢ Inductive approach was adopted, to analyse specific observations to broad generalizations. ➢ A qualitative phenomenological research, for observing the recent trends and buying behaviour among corporate consumers. Research Design: ➢ Explanatory research design was followed with the aim to study the problem in greater depth and understand the phenomenon efficiently. Sampling: ➢ Population : Students enrolled at Pune University { from variety of streams }. ➢ Target Population : 100 men & women ➢ Age : There were three different age groups a. 20-30 b. 30-40 c. 40-50 ➢ Sample size : 99 respondents ➢ Sampling technique : Non-Probability Convenience Sampling The survey consists of a total of 99 submitted forms. All sample surveys are subject to possible sampling error; that is, the results may differ from those which would be obtained if the entire population under study were interviewed. Questionnaire and Interviewing: A total of 21 questions were drafted and then reviewed by our mentor before sending it to our respondents. 5 Materials & Method: ➢ To collect these data, a mixed method approach was used 100 and the participants were selected using some digital tools, such as email, social media (Facebook, Instagram), and Whatsapp. ➢ The methodology used is applicable when there are both qualitative and quantitative data to collect and analyze, with an integration of distinctive methodologies. ➢ The survey was created using Google Module, a useful and free tool to create and manage surveys, questionnaires, multiple-choice tests, quizzes, and much more. ➢ Some questions were elaborated using the five-point Likert scale. ➢ Participants were invited to complete a form concerning the following topics, divided in five blocks: 1. General information from respondents 2. Fashion product characteristics 3. Online Shopping 4. Sustainable fashion. ➢ Due to the target of the work, the exact age factor was employed, instead of the generational terms (Millennials or Generation Y, Generation X, and Generation Z) in order to identify the relevant part of the respondents for the subsequent analysis. ➢ In this way it was possible to correctly divide the sample into different age groups. ➢ Descriptive Research Question was used to provide a simple summary, through some techniques, of the sample and the measurements collected. 6 Professions of age groups: 7 Key Findings The survey of 99 people across different colleges and age groups was done from March 20 to April 24 and asked people dozens of questions on their stance towards different fashion trends. This section provides an overview and summary of key analytical points of the survey. As we found in this research, a total of 52.5% people shopped monthly mostly online or at physical stores. Almost 6% of the people preferred shopping from small markets and thrift stores that offer clothes at cheaper prices. At the moment, people are not generally concerned about the effects of fast fashion and how it can directly influence the environment. But they do possess a very basic understanding of ethical fashion and understand their role while buying apparel. While we can observe that on one hand they prefer to shop frequently, they also choose whether the kind of apparel they shop will affect the working conditions, fair trade, sustainable production etc. Our data also revealed that almost 44.4% of people chose apparel according to the current trends in the market as compared to solids, which was an option for 34.3%. It also identified how brands played a major role while shopping for apparel. This can help us analyse another sector, which is, if marketing strategies are helping brands and the kind they should be adopting. Our analysis of the survey data identifies key points about consumer behaviour towards sustainability, what influences them to go shop and the importance of different factors of comfort and quality while shopping. ➢ It was observed that 89.9% of the people were between the age group 20-30 While we wanted to account for all the age groups equally, due to the limited accessibility due to Covid, we reached out to all the students we could. In the age groups, 30-40 and 40-50 we had 5.1% of the people filling out our forms each. It is also to be considered that the age groups have the bracket as: 20-30>20-29 ; 30-40>30-39 ; 40-50>40-49. 8 ➢ Most people shop at least once a month online Almost 52.5% of people shop once a month whereas 26.3% people once in three months. The two major sources to shop were either online(52.5%) or physical stores. With wide usage of the internet, new apps and door to door delivery, online shopping has become a very common way. With online shopping, there is more data available for the brand to determine the kind of apparel consumers bought. Not only that, it is a good way for websites to observe how much time every consumer spent on their website, which part of the website had more traffic, what kind of products the customer added to the cart but did not go through with. Apart from that, various social media channels play a huge role in influencing customers to buy from showing ads to sending their products to their favourite celebrity. ➢ People care about their buying impact 52.5% of the people answered they would prefer buying ethical fashion apparel at a little higher cost. There have been measures to improve upon ethical production by giving workers a fair wage as well as including their names in the final product as to who created the garment. While this is a great initiative, it also tells us how people who are buying and promoting these products care about the waste they are causing to the environment. Brands can identify with this and help create a better society where sustainability and recycling of apparel does not burn a hole in the consumers pockets. While this data tells us that people would prefer sustainable materials over those causing harm, brands and companies need to come up with better and cheaper ways to recycle clothes and incorporate sustainability into their selling mantras. ➢ Although most people shopped according to trends, people also preferred solid colours while shopping Almost 44.4% respondents got solid colours when shopping. While trends need to be kept in mind, solid colours never go out of style and are a safe sale for brands to sell. 9% of the respondents also preferred stripes while shopping. While the data tells us that the availability of these patterns is a must, experimentation with the current 9 market also has to be kept in mind. ➢ Brands played a major role while shopping 66.7% respondents shopped from brands they already knew and had heard of. This could give already existing brands an edge over a new one but due to current marketing strategies, it has become easier for brands to make themselves familiar with their consumers. Brands can also try to understand their customers better by regularly sending them surveys that help them determine where they lag in terms of products and serviceability. ➢ Respondents preferred cool colours more Twice the respondents choose cool colours over warm. Cool colours are a variation of green, blue and purple whereas warm colours are yellow, red and orange. This could give a huge insight into the hues that can be used by various brands. ➢ Fashion Accessories are important while shopping for apparel 74% respondents got fashion accessories like belts, shoes, bags, watches, eyewear etc regularly along with apparel. In fact 7% of people got accessories almost once a month rather than apparel. ➢ Quality is as important as price While 59% respondents considered both the aspects while shopping, a stark 36% preferred quality over price. While price can be an important factor, the build of the material is as important, and in some cases even more. ➢ Most people preferred more than one opinion while shopping When faced with a difficult question, or product choice, the internet is often the first place many people turn to for research and opinions. The majority of respondents (83 percent), seek out opinions from others before purchasing. Online user review sites are the most popular resource for opinion-seekers in this age range while seekers aged 35+ are more likely to put their trust in independent review sites. Although online reviews can be influential, personal recommendations from friends 10 and family still trump reviews from unknown contacts. A study shows that respondents agreed that they would try a product with negative online reviews, if recommended by someone they know, though consumers remain skeptical of those that look too good to be true. Unsurprisingly, online reviews are the most impactful for consumers aged 20-30, likely the most tech-savvy age group. However, overall, data shows that the majority of respondents age 20-50 agree that online reviews help in their decision making process. ➢ Sustainable clothing is a way to change the world Sustainability sets the focus on the future. Green fashion is contributing to keep the planet clean and a better place to live. Consumers love green clothing with minimal effect on the environment. The products made from renewable resources are counted as green. Whereas, clean implies – natural or synthetic, which are not harmful to our health. Non-toxic products are free from ingredients. A stark 94% of the respondents believed that sustainability is the way to go and they would prefer sustainable apparel over regular ones. 11 Analysis & Observations From the above chart, 36.3% of people within the age group 20-30 choose to follow the ongoing trends whereas 33.3% of the people chose to stick to solid colours while shopping. This means that the production of solid colours for a new brand is the safest way to gain revenue. In the age group 30-40, 4% of the people preferred shopping on trends where 1% shopped for solids. For the ages 40-50, 4% also preferred shopping on trends whereas 1% for stripes 12 It was observed that 75% percent of the people preferred comfortable clothes where 5% and 6% preferred baggy and extra fitted instead. What can be concluded from this data is that a more range of sizes must be available for people as the majority within all the age groups choose comfort and relaxed as their fits. Currently, we have a very limited number of sizes ranging from XS, S, M, L, XL, XXL that follow the size from UK standards. This data suggests that if a brand works up on getting more fitted and comfortable sizes for Indian Apparels, they have a better chance at having a larger customer base. This data can be verified by the table given below. 13 When shopping for apparel 73% of the people regarded Comfort as the most important factor. It was then followed by quality of materials which was chosen by 66% of the people as very important. The functionality of the apparel also played an important role in the decision making. From thereon, Price, Style, Brand and newness mattered. These factors can be given importance on the following basis: Comfort> Quality> Functionality> Price> Style> Price> Durability> Brand> Newness While we had a limited population, it can be said that this data is true for the age group 20-30 and their preference while shopping. Although when moving in a larger data set, a more thorough understanding of the population is made. 39% of the people between the age group 20-30, choose to shop more than Rs1000 at a time whereas 31% over Rs500. This suggests that this age group does not like to spend more than Rs1000 on one or two apparel items. While respondents in the previous study mention they would prefer quality over price, it can be said that the price of the apparel does come into account. 14 Respondents who prefer Ethical Fashion Pie Chart Analysis with respect to different age groups 15 In the pie chart analysis , respondents who prefer ethical fashion are significantly changing , within the change of age groups. It can be observed that the age group (20-30) & (40-50) are aware of ethical fashion and also the laws which brands/industries need to follow. Respondents who are conscious of Sustainability & 3Rs principle It was observed that 47.2% of the respondents from the age group (20-30) are mindful about sustainability while shopping and also 40.4% of the respondents choose to upcycle their apparels. From this we can conclude that the apparel trends in the future might be more sustainable which would not only promote slow fashion but also protect the environment. 16 Conclusion After analyzing the main fashion trends from 2018 to the present, it is possible to highlight those destined to persist in the coming years: the adoption of sustainability practices among fashion players, attention to the sustainability of the entire value chain, continuous improvement of customer service provided by digital platforms, increased automation of production processes. In recent years, more and more attention has been paid to the issues of environmental sustainability by Governments, consumers, and companies. The textile sector has been the subject of heavy criticism connected to its environmental impacts and human health arising from residues of substances on products and production processes associated with it. Attention to the ecological dimension is expressed in reducing the waste of natural resources, reducing production costs, reducing global warming, and paying attention to the consequences of overpopulation, containing the toxicity of certain industrial products, and reducing air and water pollution. According to the analyses carried out, a positive trend clearly emerged for the future; the answers provided by respondents represent hope for an increase in the ethical approaches to business and in the adoption of sustainable strategies and practices in the fashion industry. The results are strictly consistent with the literature related to the topic analyzed in the paper; in fact, considering Generation Z as a benchmark (due to the number of respondents which composed the sample), it was analyzed how the answers related to these topics present differences. Considering the role of the circular economy, fashion companies can implement a circular policy by choosing the most suitable business model. It is important not to forget the importance of the design of fashion products that can be disassembled, the conception of the product as a service, the use of available resources, the recovery, reuse, and extension of the product life cycle. The survey highlighted the growing attention that the younger generations today are paying to sustainability and circular economy, which leads to the conclusion that for the fashion market these factors are becoming a strategic element of great importance and a source of 17 long-lasting competitive advantage. The increased sensitivity of consumers toward the questions related to sustainability causes fashion brands to improve their reputation by encompassing social responsibility in their value proposal. The changed competitive context in which companies find themselves operating inevitably leads sustainability to become a powerful driver of innovation. This perspective, in a phase of growing affirmation, reflects the need for fashion companies to redirect their strategic approach toward transforming social responsibility and sustainability into a competitive opportunity to benefit both the individual companies and the overall sector. These trends open interesting research opportunities under the profile of the analysis of strategic behavior and emerging new business models in this sector, even today barely investigated by management literature. In this sense, the present study aimed to offer a first, albeit embryonic, innovative contribution to management studies on a topic currently little investigated by the literature. 18 Recommendations The following recommendations are offered based on the work accomplished during this survey and on the conclusions given previously: 1. Implementation for Sustainability- Sustainability needs to engage: 1. Students: Providing knowledge about sustainability and the relation to fashion to Fashion design-related students from universities, since they will be the front force of the market in the next few years. 2. Companies: Lectures in industry events and conferences and through tailor-made workshops and individual advisory to help fashion and textile companies align their sustainable initiatives. 3. Consumers: Engaging with consumers is crucial to the realization of sustainable initiatives. Consumers will be engaged through lectures and exhibitions open for the public. 2. Database for trend research- Research in databases has played a vital role in developing information system technology and also the outcome of this research has been very successful resulting in great potential for industry. The database industry is generating billions of dollars of business annually. Better tools need to be applied for the extraction of valuable data that is taken from websites of different brands. Not only will this help the brands but will also help better understand consumers and cater to their needs. 3. A sizing system for India- With more people preferring a Comfort and Relaxed size and fit, we need a better size system for India as compared to currently the one in use. There needs to be a standardized size chart for clothing in India. Both international and homegrown brands operating in the country have so far used measurements from the US or the UK for garments, such as “Small", “Medium" and “Large"; only a few brands used their own size charts. However, the differential sizing standards caused confusion for Indian body types, which have significant anthropometric differences with Western standards in terms of height, weight or specific measurements of body parts such as the shoulders and bust. 19 4. Recommendation System- The data showed that most people preferred a second opinion while shopping, a recommendation system in online stores would help brands a long way. With the boom of the internet now, and people not updated with the trends in the market, a recommendation system can help them know which colours are in trend in the market right now and what other people are buying with their garments. It can also read on their previous preferences and suggest them options that would be best suited according to their taste. 20 Limitations and Future Developments Our results are subject to certain research limitations, firstly due to the digital tools employed. The concept of a standardized survey administered only online certainly limited the participation of a relevant number of older generations. Nonetheless, the primary respondents, due to the age, were students or young people. For this reason, the analyzed sample was unbalanced and it forced us to focus most of the analysis on the so-called Generation Z, influencing our conclusions. It is clear to all authors that the numerical differences between Generation Z and the rest of the sample are relevant. We can only underline, however, according to the central limit theorem (concerning the normality of the data), that the numerosity was greater than 100. For this reason, we believe that the results of this test can, however, be considered as quite consistent. Therefore, future research should focus on increasing the respondent sample size using different means of communication, not only via social network and internet, to define this phenomenon in a wider way, considering also other parts of the population. From a geographical point of view, it will be possible to make some comparison with the concept of the fashion industry and circular economy with samples from other countries, paying attention to their representativeness. 21 Questionnaire 22 23 24 25 26 27 28 Bibliography 1. https://www.fibre2fashion.com/industry-article/3091/pink-is-out-but-blue-is-in-unders tanding-fashion-trend-forecasting 2. https://www.modares.ac.ir/uploads/Agr.Oth.Lib.17.pdf 3. https://www.cbd.int/cepa/toolkit/2008/doc/Communication%20oceans_final_report.pd f 4. https://www.healthknowledge.org.uk/public-health-textbook/research-methods/1a-epi demiology/methods-of-sampling-population 5. https://www.qgso.qld.gov.au/issues/671/presenting-survey-results-report-writing.pdf 6. https://www.fibre2fashion.com/industry-article/8520/5-ways-to-make-fashion-industry -more-sustainable-in-the-year-2020#:~:text=Not%20only%20consumers%2C%20but% 20even,Recycle%2C%20Repurpose%2C%20and%20Reinvent.&text=This%20way%2C %20the%20fashion%20industry,make%20the%20industry%20more%20sustainable. 7. https://www.mintel.com/press-centre/social-and-lifestyle/seven-in-10-americans-seek-o ut-opinions-before-making-purchases 8. https://luxiders.com/fashions-future-the-sustainable-development-goals/ 9. https://libguides.library.kent.edu/c.php?g=278163&p=1853989 10. The data for the survey done can be found herehttps://docs.google.com/spreadsheets/d/1xZMKv95KttnzaeQYeLFAl2zY10bTLPQVn6 UguFByRi8/edit?usp=sharing 29